The Aussie just hit a very strong resistance,
Yes it's been on an uptrend since october, but, in this scenario, this uptrend could have been a retracement part of the massive downtrend that started in 2021,
After the market moves from this week, price have bounced off the 0.70 - 0.71 level and is looking like it's going south, to go hit the 0.675 area first, and the 0.62 - 0.63 are if further continuation
The reasons why it is looking like it's gonna fall :
1) In a downtrend on Weekly
2) bearish engulfing on Weekly
3) Fifth touch of the 0.70 - 0.71 area
4) 3rd touch of Trendline
5) In the 0.50 - 0.61% Fib retracement
Let's see what it does, but, looks bloody!!
I will be looking for short entries on the H8 - H12 - D1 , will keep you posted!
Yes it's been on an uptrend since october, but, in this scenario, this uptrend could have been a retracement part of the massive downtrend that started in 2021,
After the market moves from this week, price have bounced off the 0.70 - 0.71 level and is looking like it's going south, to go hit the 0.675 area first, and the 0.62 - 0.63 are if further continuation
The reasons why it is looking like it's gonna fall :
1) In a downtrend on Weekly
2) bearish engulfing on Weekly
3) Fifth touch of the 0.70 - 0.71 area
4) 3rd touch of Trendline
5) In the 0.50 - 0.61% Fib retracement
Let's see what it does, but, looks bloody!!
I will be looking for short entries on the H8 - H12 - D1 , will keep you posted!
Note
I forgot :6) It just broke the daily Trendline (red trendline)
Note
And another one!!!Note
working on TP2 now
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.